Reddcoin is a blockchain technology that is supported by the RDD native currency. This digital currency uses a proof-of-stake velocity (PoSV) algorithm to authorize and confirm transactions. Its mission is to be a social network and content creator “tipping” currency. Tips are sent using the RDD coin, the network’s native currency.
Social media coins have started popping up on the crypto market in the last few years. Another popular coin in this space is Tron (TRX), which is another coin for social media content creators.
The idea of tipping content creators for their work may seem strange. However, tipping is a common practice in the United States and elsewhere.
A service like Reddcoin could put more control into the hands of creators. Hosting platforms have a lot of power over their partners and tipping with RDD might be a solution to this difficult problem.
Several other social media services have made their own native currencies to try and promote supporting creators monetarily. The difference here is that Reddcoin can seamlessly integrate with multiple platforms. Additionally, there are no fees for sending and receiving money as RDD on the network. This makes it a very valuable tool for producers and consumers.
Reddcoin has been around since 2014 when the beta version what released. After a successful Initial Public Coin Offering (IPCO) that raised over $100,000, the software was made available to the public. The IPCO happened in two stages: the earlier investors put money in, the more RDD they were awarded.
This was done to encourage people to be institutional investors. It also kept away smaller investors that were less likely to stick around after launch.
In 2017, the Reddcoin core team added more developers to their staff to help expand and improve their software.
Reddcoin was introduced to the crypto community in 2014 as a way to reward content creators. The goal was to create a currency that could be used across platforms. Until its introduction, social media platforms like Facebook and Youtube did not have a way for users to tip content using a p2p currency.
Reddcoin’s PoSV algorithm requires much less energy to work than Bitcoin’s Proof of Work (POW) system. Initially, RDD used a standard Proof of Stake algorithm but switched to PoSV to encourage more activity on the network.
The Reddcoin platform is based on the Litecoin blockchain technology. It is designed to allow users to trade at no cost per transaction. This is important to the concept of tipping and makes it so users can send a very small amount of RDD at a time.
The proof-of-stake velocity algorithm supports the no-fee transactions. Users do not mine for coins. Instead, they must hold some of their currency as a “stake” in order to help approve transactions. They must also meet a minimum “activity” threshold (this is the “velocity” part).
These microtransactions help creators earn money from their work, even if it’s only a small amount from each consumer.
Each user on the platform has a username and list of public keys that are visible. This is convenient for everyone and allows the use of rich information, include social network profiles.
Use of the platform is free and open to everyone.
The Reddcoin price has remained relatively low since it was introduced. It rose to a high of around $0.03 per RDD around the beginning of 2018 and then promptly fell back to fractions of a penny, where it has stayed.
It is currently at a market cap of $108 million, meaning there is a fairly widely circulating supply of RDD.
To see live updates of Reddcoin's current price, check out the Coins.Live price chart. Any statements made on Coins.Live should not be considered financial advice.
RDD can be purchased on several exchange sites, including Bittrex and Binance. To deposit RDD, you need Reddcoin’s native wallet, which you can find here, on their website.
You can buy Reddcoin for Bitcoin (BTC) or Ethereum (ETH) on most exchanges. Only a few exchanges allow for fiat currency transactions, such as CoinSwitch and YoBit.
Visit the Coins.Live news feed to stay on top of the latest Reddcoin news. Our feed is updated daily and our coin profiles generate tailored content for each currency.
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